en.Wedoany.com Reported - Duke Energy will terminate its federal offshore wind lease off the coast of North Carolina, becoming the latest utility to exit a major renewable energy project under a settlement agreement with the Trump administration.

The U.S. Department of the Interior announced that Duke Energy has voluntarily relinquished its lease in the Carolina Long Bay area, located approximately 15 to 22 miles (about 24 to 35 kilometers) off the southeastern coast of North Carolina. As compensation, the federal government will reimburse the company nearly $129 million, an amount slightly below the price Duke Energy paid for the lease in a 2022 auction under the Biden administration.

The early-stage project, which had not yet entered the construction phase, was originally planned to generate enough electricity to power more than 300,000 homes. Under the agreement, Duke Energy will reinvest an equivalent amount into additional generation capacity and grid improvements to serve customers in the Carolinas region.

This marks the fourth offshore wind lease cancellation agreement reached under the Trump administration, bringing the total cost of these buybacks to approximately $2.7 billion. Interior Secretary Doug Burgum described the agreement as a step toward strengthening U.S. energy security and providing greater flexibility for utilities.

Duke Energy's Carolina Long Bay lease (OCS-A 0546) was one of two leases awarded in the area in 2022. With this exit, the remaining major offshore wind prospect in North Carolina is the independent Kitty Hawk lease area. A Duke Energy spokesperson stated that this decision allows the company to redirect resources toward providing reliable energy solutions for customers, while the government continues its broader opposition to certain offshore wind developments.